Economic transformation of Kazakhstan in three decades of independence

Abstract

The article traces the path of transformation of the economy of Kazakhstan over the years of inde-pendence and marks the critical points in its development. The analysis of the stages from the first steps in the role of independent state to the current period of the pandemic is carried out. It is based on inter-national organizations’ research on Kazakhstan, strategic development plans, messages of the President of country, as well as statistical data from the Bureau of National Statistics of the Agency for Strategic Planning and Reforms of the Republic of Kazakhstan. The turning points in the country’s development are indicated: the resumption of ties with the former Soviet republics, the inflow of foreign investment and rapid economic growth in the early 2000s, the global financial crisis of 2008-2009, the deepening of Eurasian integration, a sharp drop in the world oil price in 2015-2016 years, the COVID-19 pandemic. The article concludes that revenues from the export of raw materials ensure economic growth only in the short term, and long-term sustainable growth requires diversification of the country’s economy and exports, in particular, development of service sector, development of human capital and industries with high added value. It is also important to increase the productivity of basic sectors of the economy, such as industry, agriculture, transport.

Keywords

• economic growth
• export
• foreign direct investment
• government programs
• diversifica-tion
• competitiveness